Daily Price Outlook

    * Gold hit $2,030 on Wednesday, failing to cross $2,037, and slipped below the 50-day exponential average, despite bullish indicators.

    * An upward trend may support gold at $2,020, providing a buy opportunity if sustained. A fall below $2,020 could prompt a decline to $2,010 or $2,000.

    * If bullish trends dominate, gold could break the $2,035 resistance, potentially targeting $2,050 and $2,057.

On Wednesday, the precious metal gold traded at the $2,030 level, having failed to surpass the $2,037 resistance level. Presently, a glance at the technical side of the market reveals that gold has dipped below the 50-day exponential moving average, which was providing significant support around the $2,034 level. Concurrently, the RSI and MACD indicators remain in a buying zone.

There also appears to be an upward trend line likely to support gold prices around the $2,020 level. Hence, if gold continues its upward trajectory and closes above the $2,020 level, investors may have an opportunity to consider a buy position above this level. A break below the $2,020 level could potentially drive the gold price towards the next support levels at $2,010 or the psychological mark of $2,000.

On the other hand, if bullish buying dominates the market, then gold has the potential to break above the $2,035 resistance level. On the upside, it could potentially target the subsequent resistance levels of $2,050 and $2,057.


Gold (XAU/USD) Trade Idea

Entry Price – Sell Below $2035

Stop Loss – $2045

Take Profit – $2020

Risk to Reward – 1 : 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100


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